Lettings secured at George Street
21 Apr 2008
Derwent London and The Portman Estate are pleased to announce that their joint venture company has completed two lettings of the entire office accommodation at the recently refurbished 100 George Street in Marylebone, London, W1.
The Company has just completed a substantial refurbishment comprising a total of 13,119 sq ft at basement, ground floor reception and first floor, together with a spectacular new penthouse office at fourth floor to create modern, well-designed offices created by ORMS Architects. The second and third floors at the property are residential.
The details of the lettings are as follows:
- London & Newcastle has taken 9,890 sq ft at basement and first floor on a lease expiring in March 2018, at a rent of £60 per sq ft (£540,000 per annum), subject to a nine month rent free period and a review at the fifth year.
- Argent Construction has taken the entire fourth floor, totalling 3,229 sq ft on a lease expiring in March 2018, at a rent of £85 per sq ft (£274,465 per annum), subject to a five month rent free period and a review at the fifth year.
Through the joint venture with The Portman Estate, George Street is part of Derwent London’s growing Baker Street and Marylebone portfolio, which forms part of its strategy to extend its presence in the villages immediately surrounding London’s West End.
Nick Groves, Senior Investment Manager at Derwent London and Director of the JV commented: “The office space at 100 George Street has been significantly enhanced through an extensive refurbishment programme which has allowed us to secure these high quality tenants. The Company continues to seek opportunities to extend its presence in the growing villages of London where it perceives value add opportunities. The Baker Street and Marylebone area continues to attract tenants who are looking for space within the West End area, but at more affordable rents.”